Pfizer Q3 Earnings Beat Estimates, Gross sales Decline as COVID Demand Cools

Contents

PFE’s Phase Dialogue
PFE Main Care Gross sales
PFE’s Specialty Care Gross sales
PFE’s Oncology Gross sales
PFE Re-Affirms 2025 High-Line Steerage, Ups EPS View
Our Tackle PFE’s Q3 Outcomes
PFE’s Zacks Rank
- Pfizer Inc. Worth and Consensus

Pfizer PFE reported third-quarter 2025 adjusted earnings per share of 87 cents, which comprehensively beat the Zacks Consensus Estimate of 66 cents per share. Earnings declined 18% 12 months over 12 months.

Adjusted EPS contains an acquired in-process R&D cost of 20 cents per share associated to Pfizer’s licensing settlement with Chinese language biotech, 3SBio.

Revenues got here in at $16.7 billion, down 6% from the year-ago quarter on a reported foundation and seven% on an operational foundation resulting from a decline in revenues from its COVID-19 merchandise, Comirnaty vaccine and Paxlovid antiviral capsule. Whole revenues beat the Zacks Consensus Estimate of $16.60 billion by a slight margin.

Worldwide revenues rose 2% on an operational foundation to $5.96 billion. U.S. revenues declined 11% to $10.69 billion.

PFE’s Phase Dialogue

Pfizer experiences its revenues below three broad sub-segments of its Biopharma working phase — Main Care, Specialty Care and Oncology. Gross sales of the Main Care phase declined 16% operationally to $7.65 billion. The Specialty Care unit recorded gross sales of $4.41 billion, up 1%. Gross sales of Oncology rose 4% to $4.25 billion.

PFE Main Care Gross sales

In Main Care, alliance revenues and direct gross sales from Eliquis rose 22% to $2.02 billion as greater demand developments globally and favorable web pricing in the US had been partially offset by value and generic erosion in some ex-U.S. markets. Alliance revenues beat the Zacks Consensus Estimate of $1.94 billion in addition to our mannequin estimate of $1.89 billion.

World Prevnar household revenues declined 4% to $1.74 billion. Prevnar revenues missed the Zacks Consensus Estimate of $1.79 billion in addition to our mannequin estimate of $1.77 billion. Prevnar gross sales declined 12% in the US however rose 17% in worldwide markets.

Direct gross sales and alliance revenues from Comirnaty had been $1.15 billion within the quarter, down 20% 12 months over 12 months resulting from narrower COVID-19 vaccine suggestions in the US that decreased Comirnaty’s eligible affected person inhabitants. Comirnaty gross sales beat the Zacks Consensus Estimate of $1.14 billion however missed our estimate of $1.19 billion.

Paxlovid revenues had been $1.23 billion within the quarter, down 55% 12 months over 12 months resulting from decrease an infection charges, which damage demand developments. Paxlovid revenues beat the Zacks Consensus Estimate of $1.17 billion.

Nurtec ODT/Vydura contributed $412 million within the quarter, up 22% 12 months over 12 months.

Among the many new merchandise, Pfizer’s RSV vaccine, Abrysvo, recorded gross sales of $279.0 million, down 22% 12 months over 12 months. Abrysvo U.S. gross sales are being damage resulting from restricted suggestions for RSV vaccinations issued by the US Advisory Committee on Immunization Practices.

PFE’s Specialty Care Gross sales

World Vyndaqel household revenues of $1.59 billion rose 7% 12 months over 12 months, pushed by continued demand progress resulting from will increase in prognosis and therapy charges, primarily in the US and developed Europe, which had been partially offset by greater producer reductions ensuing from the Medicare Half D redesign below the Inflation Discount Act (IRA). The Vyndaqel household contains international revenues from Vyndaqel in addition to revenues for Vyndamax in the US and Vynmac in Japan. Vyndaqel household gross sales missed the Zacks Consensus Estimate of $1.63 billion in addition to our mannequin estimate of $1.64 billion.

Xeljanz gross sales declined 4% to $313 million. Enbrel revenues declined 12% to $154 million.

PFE’s Oncology Gross sales

In Oncology, Ibrance revenues declined 5% 12 months over 12 months to $1.06 billion. Ibrance revenues beat the Zacks Consensus Estimate of $988 million in addition to our estimate of $937.8 million.

Among the many antibody-drug conjugates or ADCs added from the 2023 acquisition of Seagen, Adcetris gross sales of $215 million declined 20% 12 months over 12 months resulting from aggressive strain in the US. Padcev rose 13% to $464 million. Padcev gross sales missed the Zacks Consensus Estimate of $530.0 million and our mannequin estimate of $541.3 million.

Xtandi recorded alliance revenues of $578 million within the quarter, up 3% 12 months over 12 months. Inlyta revenues had been $226 million within the quarter, down 9%. Lorbrena gross sales rose 28% to $268 million.

PFE Re-Affirms 2025 High-Line Steerage, Ups EPS View

Pfizer maintained its 2025 steering for whole revenues however raised its EPS steering vary for the 12 months.

Pfizer initiatives whole revenues between $61.0 billion and $64.0 billion.

Adjusted earnings per share are anticipated within the vary of $3.00 to $3.15, up from the prior expectations of $2.90 to $3.10. The corporate raised the EPS steering to account for a robust efficiency to this point this 12 months, price financial savings and lower-than-previously anticipated tax charge.

Analysis and growth expense is predicted to be within the vary of $10.0 to $11.0 billion versus the prior expectation of $10.4 to $11.4 billion. SI&A steering was maintained within the vary of $13.1 to $14.1 billion. The adjusted tax charge is predicted to be roughly 11% in 2025 (beforehand roughly 13.0%).

Our Tackle PFE’s Q3 Outcomes

Pfizer’s third-quarter outcomes had been sturdy because it beat estimates for each earnings and gross sales. Nevertheless, its top-line efficiency was considerably combined within the quarter. Whereas gross sales of Eliquis, Paxlovid and Comirnaty beat estimates, gross sales of another key medication, Vyndaqel, Padcev and Prevnar missed estimates. Decrease demand for Comirnaty and Paxlovid resulted in a decline in whole revenues. Gross sales of Pfizer’s non-COVID merchandise rose 4% within the quarter, on an operational foundation.

Pfizer reaffirmed its outlook for revenues for 2025. Nevertheless, the corporate raised its adjusted EPS steering vary.

Shares had been down round 1% in pre-market buying and selling because of the lukewarm gross sales efficiency.

To date this 12 months, Pfizer’s inventory has declined 7.0% in opposition to a rise of 4.8% for the trade.

Picture Supply: Zacks Funding Analysis

Pfizer is locked in a fierce battle with Novo Nordisk NVO regarding its provide to purchase weight problems drug developer, Metsera MTSR. In September, Pfizer introduced a definitive settlement to amass Metsera for round $4.9 billion (enterprise worth)to re-enter the profitable weight problems house after it scrapped the event of danuglipron, a weight-loss capsule, earlier this 12 months.

By the way, Novo Nordisk, which holds a robust place within the weight problems house, has submitted an unsolicited proposal to amass Metsera for round $6.5 billion (fairness worth). Because the weight problems battle heats up, Pfizer referred to as out NVO’s transfer as “reckless and unprecedented.” Pfizer additionally filed two lawsuits in opposition to Metsera and its administrators and Novo Nordisk in a district court docket in Delaware, calling out NVO’s proposal to purchase Metsera an anticompetitive motion. Metsera, in response, mentioned it is going to deal with Pfizer’s allegations in court docket and that the latter is attempting to amass it for a cheaper price than NVO by such authorized actions.

Final month, Pfizer additionally signed a drug pricing settlement with the Trump administration. PFE has provided to chop prescription drug costs and increase home investments in alternate for a three-year exemption from tariffs on pharmaceutical imports. AstraZeneca AZN additionally signed an analogous take care of the Trump administration. The offers between PFE and AZN and the Trump administration have raised hopes of a sustainable sector restoration, with the President providing to carry off the tariffs on pharmaceutical imports to signal comparable offers with different drugmakers.